Mass. foreclosures decreasing

Thursday

Mar 31, 2011 at 11:47 AMMar 31, 2011 at 11:50 AM

The number of completed foreclosures in Massachusetts dropped nearly 44 percent in February, to 515, down from 917 during the same month last year, according to the latest report from The Warren Group, publisher of Banker & Tradesman, which tracks real estate and foreclosure data.

The number of foreclosure petitions also declined, 67 percent to 694 last month from 2,122 in February 2010. Foreclosure petitions — the first step in the foreclosure process — have dropped steadily for the past six months, The Warren Group reported. The pace of petitions has remained below 1,000 for the past three months. During eight months of 2010, foreclosure petitions surpassed the 2,000 mark.

Completed foreclosures reached its lowest point in the fall, when 418 deeds were recorded in November.

The city of Worcester recorded 31 foreclosure petitions last month, down 64.4 percent from 87 petitions in February 2010, The Warren Group said. Foreclosure deeds in Worcester numbered 28 last month, down 42 percent from 48 in February 2010.

“This is a remarkable turnaround in foreclosure activity, starting last fall. It demonstrates a new ‘go-slow’ attitude among lenders and a welcome relief for homeowners who are delinquent on their mortgages,” said Timothy M. Warren Jr., chief executive officer of The Warren Group, said in a press release.

“However, given the continuing high levels of unemployment and the high rates of delinquency on mortgage payments, I’m afraid we’ll be dealing with foreclosure issues for many more months. Only when we see the values of homes rise again will I have confidence that we have turned the corner.”

— Martin Luttrell

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